Auctions Christchurch

Auction is the process of selling an item by offering it up for bids by interested buyers. The highest bidder will be able to buy the item. Auctions can either be held in person (usually in auction houses), over the phone, or on the Internet. Auctions serve to determine the worth of an item by seeing how much people are willing to pay. The item up for auction can either start with a very low price (e.g. $1) or a set minimum price to ensure no winning bids under the desired price. Oftentimes, people sell their real estate property through auctions. That way it is possible to set a minimum desired price and see how much interested buyers are willing to pay for the property.